US equities are mostly moderately lower. Meanwhile, the precious metals are leaning weak, Gold -0.02%, with Silver -1.65%. The miner ETF of GDX is currently +1cent at $30.15.
GLD daily
SLV daily
GDX daily
Summary
*gold, silver, and the miners are trying to put in a s/t reversal. I could understand the bolder s/t bulls getting involved, with a stop around today’s low.
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Gold/GLD: gold printed $1929, but did rebound to around $1944. Any upside in the dollar and bond yields remain a problem, and I see both variables as problems across the summer.
Silver/SLV: silver printed $22.52… not helped by the dollar, or the weak main market. Sub $20 still looks an eventuality. I’ll only take it seriously is >$30.
GDX: miners opened sig’ lower, but have recovered to broadly flat… helped by the upside reversal in the main market.
notable gold miner: GOLD
We’ve a reversal from orange gap.
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notable silver miner: AG
A new multi-year low of $5.31.
If I thought the main market had a m/t floor, I’d be buying.
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Equities: sp’60min
I’d accept you could argue we’re churning out a baby bear flag ahead of a Thursday. Daily momentum is weakening, but its still positive, and I’m guessing we will see a green Thursday.